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Reload this Page Gift tax - are gifts from child to parent excluded?

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Old 04-19-2001, 12:42 PM
ChristianePratsch
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Does the "$10,000 maximum tax-free gift per person" rule apply in the case of an adult child giving money to his parents? This money would be used for their general living expenses (i.e. not educational or medical expenses). Parents live in Texas.
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Old 04-19-2001, 02:05 PM
Taxguy
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Yes.
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